Hi,
Early research to find answers (or the info of someone I can ask).
Will move in the middle of the US Tax year, will relocate to HK so will have to give back my Green Card, my wife (US citizen) will move to HK a few month after me. Lets make up some numbers
1/1-3/31 living in the US making USD 30k
4/1 flying to HK starting my new job
7/1 my wife joins me
a) when should I file to renounce (or what the technical term is) my GC .... or in other words when will I be off the hook / is my income excepted from US taxation. So if I file 4/1 then my 2021 US taxes are based on USD 30k ... what will happen if I file 7/1 will the 3 month HK income US taxable?
b) I know there is foreign income exception up to app USD 105k but that would still "push" the US earnings from 1/1-3/31 into a higher bracket
c) now the part that makes it tricky ... as my wife needs health insurance from 4/1-6/30 we will use the ACA health exchange. If you have low/no income you get tax credits etc. that greatly reduce the costs of health insurance. So if I file married single her income is $0 / if I file married we would have $30k tax/base income which would still qualify for the highest rebate/subsidiary.
d) how do I hang on to my green card as long as possible without paying a high tax/health insurance penalty (as there is always the chance the move doesn't work out)?